OGL, as he often does, has a point. Maybe not a great one, but it does seem as if the Pentax engineers came up with a great idea for a third wheel and then had too many spots on it so they added whatever they could think of.
+/- ~ Awesome feature, can definitely see myself using it
ISO ~ Even more awesome! Three exposure parameters, three wheels. How can you get any cooler!
ChCl ~ Ok, maybe useful but I never take more than one shot per minute so whatever
BKT ~ I bracket a lot, so this might be useful but not sure what features it includes so will have to wait and see
HDR ~ Meh. But Ok if you shoot the camera HDR it is easier than digging into a menu, maybe
Grid ~ Hmm, added to fill a slot maybe? Don't see myself using it
SR ~ Oddly enough this makes sense, I do turn SR on off, and the INFO button is fine but this might be quicker and easier to remember
Crop ~ Meh. Whatever.
WiFi ~ Meh. Not something I'll ever use but hey it takes up a spot on the wheel so it's all good. And it says 'WiFi' on the wheel so you can look cool when out shooting